BAK - Apollo Capital makes offer for stake in Braskem - report

Braskem (NYSE:BAK) +7% pre-market after Apollo Capital Management made a non-binding offer to acquire the stake in the Brazilian petrochemical company owned by Novonor, the Valor Economico newspaper reported Thursday. Apollo offered 44.57 reais/share for Novonor's total 38.8% stake in Braskem, the report said, adding that Novonor - formerly Odebrecht - could raise 13.6B reais ($2.88B) with the deal. Novonor's stake in Braskem is pledged as collateral to its creditors, so the company may not decide on the sale without consultations with the banks, according to Reuters. Braskem recently reported Q4 earnings of $0.24/share on revenues of $5.06B.

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Apollo Capital makes offer for stake in Braskem - report